The Holidays are literally knocking at the door. If you are sitting there reading this because you have no idea how you are going to stretch the dollar on your bank account look no further cause we’ve got your back. After all the largest sales of the year, Black Friday and Cyber Mondays have come and flown by you with no warning and now you need to make preparations for those endless parties and entertaining guests.
Well, you need to stop and think how that extra spending during the holidays will show up on your bank statement and credit card bill. Although the holiday shopping for gifts and entertainment supplies is kind of indispensable, but that doesn’t mean you cannot shop smart or find ways to spend less and yet make your holidays special. We have come up with some great ways to help you save money during the holidays. Read on till the end of this article to know how you can spend wisely.
- Budget Early
Just like you would prepare for any big spending in your life- the Holiday season should be no different. If you start budgeting for holidays a couple of months before the holidays and give up little regular indulgences( that morning coffee every morning), it will add up to your holiday savings. Although, at this point it is a bit late this year to start cutting off on those extras, you can add this to your list of resolutions. Even $5 or $10 saved every now and then throughout the year, can contribute in a great way during holidays.
- Create a holiday savings account
This is the pregame to the actual party if we may, If you are one of those who just don’t understand the meaning of savings or just have a really hard time managing your finances, than this tip is especially for you. You can create a separate bank account to save a few 100 bucks every month, especially for the holiday savings. This may seem difficult to some but if you execute and stick to this plan, your holiday shopping will be more likely to be stress-free.
- Consider your expenses
Deck the halls with lots of expenses, and we are talking lots and lots of expenses. If one thing can be guaranteed during the holidays is that there will be loads of expenses. You need to buy Christmas gifts for friends and families and prepare for entertaining the guests. In addition to that there are expenses on travel, food, parties and charity as well. If you want to spend less during the holidays, you will need to consider all your expenses and cut down on the extras. Make a holiday shopping list and prioritize.
- Be realistic, find the correct amount for you
Do not go into Holiday spending like a chicken with no head. Do not blind yourself from your reality just to make holiday spending easier. How much an individual spends during the holiday depends on his/her financial situation. But still people tend to go overboard just to show the next door neighbor that they have a better Christmas tree and a more beautifully decorated house. A great thumb of rule everyone must follow is basing their holiday budget on their annual income and expenses.Know your budget and stick to it.
5. Get creative
Gifts and celebrations contribute majorly to your overall holiday expenditure. Therefore, if you can manage saving on gifts and holiday celebration you can surely save a lot. You can rely on DIY for many things like making gifts for friends and family. Alternatively, if you don’t think you are crafty enough you can take help of internet and come up with awesome creative ideas. Gift card is another amazing way to save during holidays. When it comes to decorating, consider things that can be used year round, like neon lights. These are great for the holidays or any time of year!
- Make it fun
If you go into the Holiday season without the intended capital you hoped for..don’t get discouraged.Don’t consider saving during the holidays a chore. We have an amazing idea that will help you enjoy saving. Heard about secret Santa? You must have. This incredible game can help you save a lot on your holiday gifts. Why? This means you and all your guests only have to purchase one gift instead of one for all your family members and friends.Plus, nobody will mind.
- Beware of “Sales”
Isn’t it exciting that there are so many sales going on at the exact time that the Holidays begin?No, not really and it won’t be exciting when you find yourself going over budget on holiday shopping and you find yourself owning completely unnecessary stuff. The fact is it is very easy to get lured by those heavy discounts and forget about the savings. Make sure you are making a list of the people you need to get stuff for, possible gift idea and a budget. Make sales an opportunity to save money instead of overspending. Do not get lured into these little monsters.
- Do your research before hitting the store
Personal favorite: Groupon. You know the last time I ever paid full price for a teeth whitening? Or to get my nails done? Long, long time…You can cut your expenditure on food, drinks, salon and gift items for holidays with the help of coupon codes. These days a lot of merchants sell coupon codes online to attract customers. All you need to do is search online for deals or through apps. You can also take help of price comparison sites before you hit the stores. A quick web search can help you save a lot during holidays.
- Asses the damage done after the Holidays
Just because the Holidays are over, don’t think the hurt is over. To stop worrying about your finances and put it on a back burner would be a huge mistake. Actually, most often than not the period after holidays is a great time to get a head start and check over your budget. See if your holiday shopping went as planned and check if you stayed within the budget. Make financial resolutions that you plan to have for the remaining of the year. Go back and check the expenditures you could have avoided and use as a learning experience to guide you throughout the rest of the year. This will enable you to plan your next holidays/year in a better way and allow you to enhance your money.